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Well -- unemployment rate surging higher than expected to ten point 2%.
-- -- 26 year high joining us now labor secretary -- -- good morning secretary thank you for being here.
I am telling you I I'm -- I nagging your little disappointed a little concern -- this -- walked me through your reaction to this morning's number.
Well you mentioned.
That the figure of ten point two.
Percent is is rather high we know that.
But we expected -- -- economists were talking that we would reach this level however I I have to bring you back to where we started the beginning of the year where we're seeing job losses -- Well over 1300000.
Thereof and then in the middle of the year you started to see a a tremendous reduction there now we -- in this.
You know final.
-- that -- court here we're actually seeing that the numbers have gone down to a 190000.
And I believe that the foundation that the president has laid -- the Recovery Act.
Has helped to provide that stimulus that was necessary GDP is up by 3.5 percent.
Job losses they -- is down 290000.
We did see some -- peak in jobs for example in health.
We did see also temporary business go out where we know when you think about it temp worker it's not just the secretary it's a consultant it's a business -- it's an accountant.
Individuals that are highly professional.
-- we do see some movement in terms of other manufacturing today also the president will be signing the extension of the unemployment benefits.
Providing relief but also attacks -- for first time home buyers and also for businesses so I think these are good steps.
That we're taking course we're not happy with the high unemployment rate but we're gonna work every single day we're determined to turn this around.
He you know that the issue that a lot of people in a look at -- madam secretary is -- the numbers in terms nonfarm payrolls or improving.
But if you look at the number of workers.
Each -- month over month by 31000.
So the rate rose even though the pool schlock that.
They cannot be a good summer what do you do about.
What we want to do is encourage people then to get into.
Visit our one stop centers so they can get into these job training programs we know that people that have.
Good job training and education are the ones that are most likely to stay in the job market and have a better chance of getting that shot.
People have gone you art departments through our one stop -- already in this last quarter about 300000.
And about I would say after they go through training for 23 month period 75%.
Will find a job.
That's a very good encouraging number I'm happy to hear about that.
Here's another concern of people are talking -- which you know very well which is productivity we -- the productivity number the other day.
We saw average hourly earnings increased but the work week would mean stable.
The question people are asking themselves is -- we have a workforce now that he is more productive and he is more efficient and -- four.
When you look at things like unit labor -- it suggests.
That perhaps we need true wind things as much as we can.
And -- four.
Some point don't have no choice but to hire workers or -- we just become a more productive country.
Well I think there there a couple of things happening but certainly.
American productivity is way up we know that and there's new technology coming into play and we haven't really -- that labor force it could be eligible for these new jobs it will be created.
-- as an example for example.
-- vice president.
Was just in a Delaware and announcing the monies that are gonna go into a GM plant that was close to hire.
2000 new auto workers to create a new hybrid vehicle.
That in turn will help to generate.
Obviously a new skill set and and -- new emphasis in a new workforce.
If you look also -- that I was recently there.
I -- a whole emphasis placed on.
Creating a new Smart grid system that is still sorely needed to bring the cost of energy down it will create jobs -- -- 38 million was given there they project to create 200 jobs.
But also in addition they'll be some -- -- other.
People that are involved in in account team.
It's subsidiary industries will also be created.
So this is happening also in the private sector so that that's what is -- the hope is like tours the country and CDs.
Businesses that are coming forward and very energized because now capital is being made available.
People today are gonna go back and they're gonna look at the stimulus they're gonna look at the decision to extend unemployment benefits and they're gonna say this is -- double edged sword.
What are we really doing at the end of the day.
To create new jobs and isn't about time that we put together a new job tax credit.
We know the president has asked all of -- cabinet members.
To come up with ideas so that we can focus in on job creation.
And we've been doing it now for the last couple of months and I know that this is something that is going to be on our minds a word determine.
To bring down that unemployment rate that is high.
It's unacceptable but we want to create opportunities for people to be ready for these new jobs and these new industries it.
Businesses are coming forward and saying yes we're gonna make that investment.
So I remain optimistic I know that this is a hard time for many millions of Americans that are out of work.
But again I would encourage them.
To get into education and training and to focus on that because.
I will tell you the figures that I look at the people that are that are out the longest that are unemployed are the ones that don't have good training and education so this is an opportune time for people to take advantage of financial assistance that the government is making available to go to Community Colleges to get into an apprenticeship program.
To go through our one stop -- -- That's offered by the Department of Labor and secretary could watch -- go without asking this question we asked -- of a lot of our guests.
What keeps you up at night what -- -- most right now.
The fact that we need to put.
As many people back to work as possible and that's something that -- -- many of us here and I know our president.
Is also very very determined focus to make sure that we change these numbers and we are making a difference because where we were starting in January when we inherited this.
I think the president has laid a good foundation to start to turn the corner and it's going to take some time but I do have a lot of faith in our American workers.
Mine madam secretary of -- thank you very much for taking the time at this point we appreciate it.
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